Wrote Image for Compute Module Boards Lite version
From Waveshare Wiki
If your CM4 board is the Lite version without eMMC and you need to use a Micro SD card, we recommend you write images with an SD card reader.
- Download the newest Raspberry Pi image from Raspberry Pi Website.
- Connect your Micro SD card to the host PC with the card reader.
- Format the Micro SD card (the portable disk) by SDFormatter.exe software.
- Write the Raspberry Pi image to the Sd card by Win32DiskImager.exe software, choose the image file, and click "Write" to start. It may prompt you to format the CM4 again after writing, just ignore it.
- After writing, a disk named BOOT is recognized, go into the disk and modify the config.txt file. Add the line to the file: dtoverlay=dwc2,dr_mode=host.
- To finish, eject the BOOT disk from the host PC. Disconnect the USB cable and power adapter, disconnect the BOOT, and set the switch to OFF. restart the board and go ahead with the examples.
- If you do not have a card reader, you can insert the SD card into the carrier board and write it just like the eMMC version.